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Presentation of the FY22 General Fund Mid-Year Revenue Projections
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Key Issues:
Part of the budget process includes a mid-year review and analysis of General Fund revenues and expenses to project year end totals.
The General Fund revenues for Fiscal Year 2022 are projected to total $83,580,945. This projected revenue amount is expected to exceed budgeted estimates by $3,751,070 (or 4.7%). There were several revenue categories that where estimated to be higher than budgeted. Some revenue categories were projected to be below trends and actual performances of prior years. FY22 Budget was projected to be $2,893,944 (or 3.95%) less than the FY20 Budget as a whole. Some of those areas to highlight include:
-Property Tax: As a category, property tax projections were projected to be 17.2% greater than the FY21 Budget and 8.5% above actuals. The FY22 Actuals were projected at $992,065 (or 4%) greater than budget estimates based on receivables to date.
-Sales Tax: Revenues were projected at 29% above the FY21 Budget as a category with the addition of the Use Tax. The FY22 budget anticipated an impact of COVID-19 to Sales Taxes, however there has been significantly higher revenues than projected for Sales Tax through January of 2022 with revenues $555,057 (or 4.8%) above budget estimates. As the largest revenue in this category, Sales Tax were projected to $737,493 (or 3.9%) above FY22 Budget estimates. In comparison to FY21 actuals, FY22 Local Sales Tax is expected to be greater by $404,200 (or 2.3%). Use Tax revenues have exceeded budget estimates significantly by $1,015,602 (or 111.5%) through January 2022 as minimal information was available to develop the budget estimate. FY22 Use Tax revenues were projected to continue the trend through January 2022 and were projected to exceed budget estimates by $1,730,787 (or 110.9%).
-Franchise Taxes: As a category, franchise taxes are projected to be less than budgeted estimates by $104,435 (or -0...
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